The 2024 edition of the tournament was won by Rory McIlroy. (Andrew Redington/Getty Images)

Truist Financial, the American bank, has signed a long-term deal to become the title sponsor of PGA Tour golf's Charlotte, North Carolina, event.

Under a seven-year agreement, the golf tournament at Quail Hollow Club will be renamed the Truist Championship.

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Charlotte-based Truist will replace Wells Fargo and almost double the fee that previous title sponsor was paying.

The deal with Truist is estimated to be worth more than $200 million, according to The Business Journals, including $25 million to $27 million in 2025.

The Charlotte Business Journal has reported that Wells Fargo, which held title sponsorship rights since 2011, spent close to $15 million for its sponsorship in recent years.

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The first Truist Championship will be played in Philadelphia as Quail Hollow is hosting the PGA Championship next year for the second time.

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The 2025 edition will be held between May 5 and 11 at The Philadelphia Cricket Club’s Wissahickon Course.

The tournament will return to Quail Hollow in 2026 and continue to be the primary host facility for the Truist Championship.

The Truist Championship is one of eight Signature Events on the PGA Tour schedule that feature limited fields (of 70 to 80 players) and has a $20 million prize purse.

Earlier this month, the PGA Tour secured Procore Technologies, the construction management software provider, as the title sponsor of its upcoming tournament in Napa, California.